Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Termination Of The Overriding Royalty Interest With Cr Innovations Ag

 
TIDMFOG 
 
 
   Falcon Oil & Gas Ltd. 
 
   Termination of the Overriding Royalty Interest with CR Innovations AG 
 
   3 October 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) 
notes the following. 
 
   Falcon Oil & Gas Australia Ltd. ("Falcon") and Origin Energy B2 Pty Ltd. 
("Origin") entered into a call option agreement in 2014 with CR 
Innovations AG ("CRIAG") to acquire its remaining 1% overriding royalty 
interest over the Beetaloo Sub-basin exploration permits EP76, EP98, and 
EP117 in the Northern Territory, Australia ("ORRI"). Under the relevant 
agreement, Falcon and Origin had a five-year option to terminate the 
ORRI at a cost of US$5 million, to be paid in proportion to their 
respective interests in the exploration permits. 
 
   CRIAG was adjudicated bankrupt on 21 March 2017 following which Falcon 
and Origin approached the liquidator of CRIAG (the "Liquidator") with a 
view to terminating the ORRI. Falcon and Origin have signed a 
termination agreement with the Liquidator and paid CHF150,000 
(approximately US$151,000) to the Liquidator and the 1% ORRI has been 
terminated. 
 
   For further information, please contact: 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.                [phone] 
Philip O'Quigley, CEO               [phone] 
Anne Flynn, CFO                      [phone] 
 
Davy (NOMAD & Joint Broker) 
John Frain / Barry Murphy            [phone] 
 
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland    [phone] 
 
   About Falcon Oil & Gas Ltd. 
 
   Falcon Oil & Gas Ltd is an international oil & gas company engaged in 
the acquisition, exploration and development of conventional and 
unconventional oil and gas assets, with the current portfolio focused in 
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is 
incorporated in British Columbia, Canada and headquartered in Dublin, 
Ireland with a technical team based in Budapest, Hungary. 
 
   For further information on Falcon Oil & Gas Ltd. please visit 
www.falconoilandgas.com 
 
   About Origin Energy 
 
   Origin Energy (ASX: ORG) is a leading Australian integrated energy 
company. Origin is a leading energy retailer with approximately 4.2 
million customer accounts, has approximately 6,000 MW of power 
generation capacity and is also a large natural gas supplier. Origin is 
also a 37.5% shareholder of Australia Pacific LNG, which supplies 
natural gas to Australian domestic markets and exports LNG to 
international markets. 
 
   For further information on Origin Energy, please visit 
www.originenergy.com.au 
 
   Glossary 
 
 
 
 
CHF  Swiss Franc 
US$  United States Dollar 
 
 
   Neither the TSX Venture Exchange nor its Regulation Services Provider 
(as that term is defined in the policies of the TSX Venture Exchange) 
accepts responsibility for the adequacy or accuracy of this release. 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Falcon Oil & Gas Ltd. via Globenewswire 
 
 
  http://www.falconoilandgas.com/ 
 

(END) Dow Jones Newswires

October 03, 2018 02:00 ET (06:00 GMT)

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